The $$35\mathrm{.}2$ million lottery payment that you just won actually pays $$2\mathrm{.}2$ million per year for $16$ years. If the discount rate is $14\mathrm{.}90\%$ and the first payment comes in $1$ year.

a$.$

What is the present value of the winnings?

b$.$

What is the present value of the winnings, if the first payment comes immediately?